Why SaaS Revenue Keeps Growing Despite AI Fears

Alex Wilhelm and Ron Miller pulled quarterly earnings from Salesforce, ServiceNow, Adobe, Workday, and SAP to test the thesis that AI coding agents are about to kill SaaS — and the numbers don't cooperate. Salesforce's Agentforce hit $1.4 billion ARR, ServiceNow's Now Assist reached $600 million, and over a third of Adobe's book is now AI-influenced revenue. None of these companies are shrinking. SAP's Christian Klein made the sharpest point: AI agents need business data to function, and that data lives inside incumbent SaaS platforms, not in freshly generated codebases. The real pressure lands on small single-function tools, not integrated platforms that have spent years accumulating the cross-company data moats agents actually depend on.